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The Response of Other Lenders to the IMF


  • Rowlands, Dane


Until the late 1980s, it was a stylized fact that when a country adopted an IMF program, additional loans from non-IMF sources would be triggered. Subsequent empirical research cast doubt on this catalytic effect; a country's past involvement with the IMF appeared to be negatively correlated with new lending. This paper examines directly the response of lenders to the presence of IMF conditional agreements in developing countries in the 1973-89 period. While total lending does appear to increase in response to the presence of some IMF agreements, the effect varies over time, and across recipients and lenders. Copyright 2001 by Blackwell Publishing Ltd.

Suggested Citation

  • Rowlands, Dane, 2001. "The Response of Other Lenders to the IMF," Review of International Economics, Wiley Blackwell, vol. 9(3), pages 531-546, August.
  • Handle: RePEc:bla:reviec:v:9:y:2001:i:3:p:531-46

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    References listed on IDEAS

    1. Gary Clyde Hufbauer & Kimberly Ann Elliott, 1994. "Measuring the Costs of Protection in the United States," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 77.
    2. Anderson, James E & Neary, J Peter, 1992. "Trade Reform with Quotas, Partial Rent Retention, and Tariffs," Econometrica, Econometric Society, vol. 60(1), pages 57-76, January.
    3. Amjadi, A. & Reincke, U. & Yeats, A.J., 1996. "Did External Barriers Cause the Marginalization of Sub-Saharan Africa in World Trade," World Bank - Discussion Papers 348, World Bank.
    4. Barbara J. Spencer & James A. Brander, 1982. "Tariff Protection and Imperfect Competition," Working Papers 517, Queen's University, Department of Economics.
    5. Sjostrom, William, 1989. "Collusion in Ocean Shipping: A Test of Monopoly and Empty Core Model s," Journal of Political Economy, University of Chicago Press, vol. 97(5), pages 1160-1179, October.
    6. Lloyd, P. J. & Schweinberger, A. G., 1988. "Trade expenditure functions and the gains from trade," Journal of International Economics, Elsevier, vol. 24(3-4), pages 275-297, May.
    7. Amjadi, Azita*Reinke, Ulrich*Yeats, Alexander, 1996. "Did external barriers cause the marginalization of sub-Saharan Africa in world trade?," Policy Research Working Paper Series 1586, The World Bank.
    8. Finger, J Michael, 1981. "Policy Research," Journal of Political Economy, University of Chicago Press, vol. 89(6), pages 1270-1271, December.
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    Cited by:

    1. ., 2016. "Introduction and overview: the purposes and operations of the IMF," Chapters,in: The International Monetary Fund, chapter 1, pages 1-18 Edward Elgar Publishing.
    2. Wasseem Mina & Jorge Martinez-Vazquez, 2002. "IMF Lending, Maturity of International Debt and Moral Hazard," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0301, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    3. Winston R. MOORE, 2009. "Do International Monetary Fund Programs Impact On The Sacrifice Ratio?," The Developing Economies, Institute of Developing Economies, vol. 47(2), pages 202-219.
    4. Molly Bauer & Cesi Cruz & Benjamin Graham, 2012. "Democracies only: When do IMF agreements serve as a seal of approval?," The Review of International Organizations, Springer, vol. 7(1), pages 33-58, March.
    5. Graham Bird & Dane Rowlands, 2000. "The catalyzing role of policy-based lending by the IMF and the World Bank: fact or fiction?," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(7), pages 951-973.
    6. Jeffrey A. Frankel & Nouriel Roubini, 2001. "The Role of Industrial Country Policies in Emerging Market Crises," NBER Working Papers 8634, National Bureau of Economic Research, Inc.
    7. Graham Bird & Dane Rowlands, 2007. "The Analysis of Catalysis: IMF Programs and Private Capital Flows," School of Economics Discussion Papers 0107, School of Economics, University of Surrey.

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